A FOURTH new standard has been published by the International Accounting Standards Board, in collaboration with its US equivalent the FASB.
IFRS 13 does not extend the use of fair value accounting, but rather, helps companies decide how it should be applied in cases where it is already required or permitted by existing IFRS or US GAAP standards.
It gives a precise definition of fair value and a single source of fair value measurement and disclosure requirements.
See full Article.
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